Lents Town Center Development

Project Description

Lents Town Center Development

In May 2014, Prosper Portland and the city, with community support and input, launched the Lents Five-Year Action Plan, calling for focused investments that would have the greatest benefit and impact on existing residents and businesses. The first phase of Lents Town Center redevelopment (Phase 1) consisted of $109 million in total investment, including $37 million in loans from Prosper Portland and $17 million in loans from the Portland Housing Bureau.

Phase 1 added 263 new housing units, including 157 affordable units and 47 workforce units, as well as commercial space for 10 businesses. In late 2018, Prosper Portland began the community engagement process for Lents Town Center Phase 2 development, involving a 4.4-acre site owned by Prosper Portland on SE 92nd between SE Harold and SE Ramona.

Lents Town Center URA Boundaries Map

Since the formation of the Lents Town Center Urban Renewal Area in 1998, Prosper Portland has invested $90 million in infrastructure, facilities, transportation, affordable housing, and business development.

Phase 1 began with a request for interest from development partners who could advance the goal to support growth of mixed-use, mixed-income communities that contribute to improved business and resident satisfaction with the community. The result was four projects:

The Asian Health and Service Center (AHSC) celebrated the grand opening of its new headquarters at SE Foster at SE 91st Avenue in August 2018, providing culturally specific, holistic healthcare, childcare, social interaction and resources to the community. . The Center is a 30,000 square foot commercial building housing the AHSC office, community and clinic services, and event space as well as a rooftop garden and on-site parking.

Lents Commons opened in March 2018. This mixed-use project offers 54 units of housing and approximately 9,000 square feet of retail space on the ground floor. Sixteen of the 54 apartments are reserved as affordable; the development includes a ground floor public courtyard and on-site parking. The building offers 7,500 square feet of ground floor commercial space along Foster Road, half of which has been reserved for the Affordable Commercial Tenanting Program.

Oliver Station move-ins began in fall 2018 in this two-building project on either side of SE 92nd Avenue between SE Foster and SE Woodstock Boulevard. Combined, the two buildings add approximately 126 affordable apartment units and 19 market rate apartment units to Lents Town Center and approximately 29,000 square feet of ground floor commercial space with parking. Working with Palindrome Communities, we’ve reserved 4,000 square feet of this space for Prosper Portland’s Affordable Commercial Tenanting Program.

Woody Guthrie Place (ROSE Community Development) will be a mixed-income apartment building on SE 91st Avenue at SE Reedway Street. The building will add 68 units to the town center—17 affordable units and 51 workforce housing units—with on-site parking. Carlton Hart is the project Architect.

The Lents Phase 2 Redevelopment Project involves a 4.4-acre property owned by Prosper Portland on SE 92nd Avenue between SE Harold Street and SE Ramona Street and includes the 92nd and Harold site (92H) and the Bakery Blocks property. The 2014 Request for Interest: Lents Town Center resulted in the selection of Palindrome Communities; Prosper Portland elected to delay development of 92H until completion of the first phase of the Lents Town Center redevelopment. Prosper Portland entered a non-binding Memorandum of Understanding with Palindrome Communities in May 2017 to develop the 92H property.

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Lents Town Center

Lents Town Center Phase 2 Timeline

MOU is a non-binding agreement in which Prosper Portland acknowledges that the project may require additional investment from Prosper Portland to be viable. During the term of the MOUs Prosper Portland would not actively engage in discussions with other developers for these properties. The term of the MOU is May 2017 – May 2019. During the term of the MOU Prosper Portland is working with Palindrome Communities in negotiating terms of a Development Agreement.

A Development Agreement is a binding agreement that outlines the project timing, the amount of public investment, and public benefits to be achieved. Development Agreement requires recommendation of the Prosper Portland Finance Investment Committee and Executive Director, and approval by the Prosper Portland Board of Commissioners.